Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Deutsche Bank Ditches Arctic Drilling After Pressure From Activists

Business
Deutsche Bank Ditches Arctic Drilling After Pressure From Activists
Demonstrators block the entrance to a Deutsche Bank branch in Baden-Wuerttemberg, Stuttgart on Sept. 20, 2019. Sebastian Gollnow / picture alliance via Getty Images

By Krissy Waite

Climate activists are celebrating Deutsche Bank's new energy policy banning financial support of drilling in the Arctic, a move which comes after years of pressure from advocacy groups.


The bank, a multinational investment company headquartered in Germany, announced Monday that it will no longer offer financial services to new projects that involve drilling for oil or gas in the Arctic. The policy also states it will not fund any tar sand projects or fracking in areas that have low water supply.

Concerns over the Arctic have risen in recent weeks as the region has been battling a prolonged heatwave and wildfires, which have been caused by human-driven climate change.

Last week, the World Meteorological Organization announced that Siberia's average temperature in June was 10°C above normal. The Arctic is warming over two times faster than the rest of the world.

Ben Cushing, Sierra Club senior campaign representative, said in a statement that it is becoming clear to banks that divesting from Arctic drilling is important. He pointed to the Arctic National Wildlife Refuge, which spans over 19 million acres of Alaskan land.

"As the list of major banks rejecting funding for Arctic drilling continues to grow, it's clearer by the day that investing in the destruction of the Arctic Refuge would be a mistake," Cushing said. "The Trump administration may still think auctioning off the Arctic Refuge is a good idea, but it′s obvious that oil companies would be foolish to take them up on their offer."

In 2017, Congress passed a provision allowing refuge lands to be leased to oil companies. Drilling is incredibly harmful to the people and wildlife that live in the refuge because it because it divides natural habitats and interrupts migration patterns. Polar bears, caribou, and the 270 other species of wildlife — and the Gwich'in people who rely on certain animals for sustenance — would suffer.

Deutsche stated it will not be terminating any current financial backing of Arctic drilling projects, but that it will be evaluating all ongoing oil and gas business ventures by the end of 2020 and end any business in coal mining by or before 2025.

Urgewald, a Germany-based environment and human rights NGO that focuses on divesting from destructive projects, tweeted in response to the news that while Deutsche Bank's policy is needed, it's too little and too late.

Bill McKibben, co-founder of 350.org, celebrated the news by congratulating Indigenous groups on their organizing.

Tara Houska, founder of Giniw Collective and co-founder of Not Your Mascots, welcomed the bank's decision and called for others to follow suit. "If DeutschBank can stop, any of the banks can," she said. "Who's next?"

Deutsche Bank joins Goldman Sachs, Wells Fargo, Citi, JPMorgan Chase and Morgan Stanley — five of the biggest American banks — in banning Arctic drilling from its company. Bank of America is currently the last of the largest banks in the U.S. to issue an anti-Arctic drilling policy or statement. Globally, about two dozen banks have adopted these policies.

Reposted with permission from Common Dreams.

A couple react as they go through their destroyed mobile home following Hurricane Laura in Lake Charles, Louisiana, on August 27, 2020. ANDREW CABALLERO-REYNOLDS / AFP / Getty Images

By Mark Hertsgaard and Kyle Pope

In this autumn of horrific fires and deadly floods, it's easy to overlook one bit of promising news on the climate front: Some major U.S. media coverage of the crisis is finally getting better.

Read More Show Less

EcoWatch Daily Newsletter

Since April 2020, farmer support for Trump has fallen from 89 percent to 71 percent, according to an August 2020 survey by DTN/The Progressive Farmer. Steve Smith / Getty Imagess

By Leanna First-Arai

In a push to capture the rural vote, 62 percent of which went to Trump in 2016, both the Trump and Biden campaigns are ramping up efforts to appeal to farmers and ranchers.

Read More Show Less

Trending

An electric car at an eVgo charging station in a parking lot in Dublin, California on June 20, 2018. Smith Collection / Gado / Getty Images

California Governor Gavin Newsom signed an executive order Wednesday that would ban the sale of new cars in California that run only on gasoline by the year 2035. The bid to reduce emissions and combat the climate crisis would make California the first state to ban the sale of new cars with internal combustion engines, according to POLITICO.

Read More Show Less

A "trash tsunami" has washed ashore on the beaches of Honduras, endangering both wildlife and the local economy.

Read More Show Less
Long-finned pilot whales are seen during a 1998 stranding in Marion Bay in Tasmania, Australia. Auscape / Universal Images Group / Getty Images

More long-finned pilot whales were found stranded today on beaches in Tasmania, Australia. About 500 whales have become stranded, including at least 380 that have died, the AP reported. It is the largest mass stranding in Australia's recorded history.

Read More Show Less

Support Ecowatch